Nationstar Mortgage - Wholesale Subprime
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stories: housingwire.com, thetruthaboutmortgage.com, reuters.com
Update - 2008-09-09: "Nationstar Mortgage is planning to reinvent itself as a prime retail lender operating nearly nationwide," was the report from HousingWire back on August 13th. Since then we've also begun hearing news. Off our tipline, we have this:
"I just spoke with a gentleman [who] says that Nationstar Mortgage is getting back into the wholesale business, as of last week."
We called and confirmed Nationstar is coming back online with the wholesale channel, offering FHA products. Their rate sheet for today states, "Rate Sheets will be available from Secondary Marketing beginning: Tuesday, September 9, 2008."
Nationstar made the Imploded List at #153 on Sept. 24th last year when wholesale stopped originations. Nationstar also operates a retail channel through Champion Mortgage, LLC.
Update - 2007-09-27: We received the following update from a source regarding layoffs at Nationstar:
Original Listing - 2007-09-24: We received word this weekend that Nationstar had ceased funding loans. Per one informant, the following notice regarding wholesale operations was at a link on the Nationstar website:
Further to the above, Reuters reported that Nationstar had ceased wholesale operations. The Reuters article noted:
We've received no further word regarding Nationstar's retail operations. If you have any corrections, clarifications or additions to this post, please let us know.
Original Ailing/Watch post - 2007-09-20: Many have written in to inform us that Nationstar Mortgage, formerly Centex Home Equity, has been engaging in drastic reductions in their operations. Below is a sampling of the tips we have received from sources:
Colin at thetruthaboutmortgage.com noted the following about Nationstar being "on the ropes" on September 14th:
If you hear more about Nationstar Mortgage, can provide additional clarifications, comments or corrections, please let us know.
permalink to this record | forum thread
freemikah at 00:14 2009-10-02 said:I know that they will continue to serve the portfolio but how can they conduct business as they did me and still Fannie Mae hires them to be a servicer of loans? I was pleased to see your ad about NationStar Mortgage.(DAVID CARDENAS MICHAEL GRAHAM - if you dealt with either of these individuals - GET A LAWYER, they get Lawyered up free wonder why???? Lord knows that I am having my run in with them currently. The subject matter is of Mortgage Fraud, Housing Discrimination by Disability, Wrongful Foreclosure, and the very bad practice or illegal activity of the implementation of the American Home Recovery Act. Wait till you hear the details. I intend to make all the details public. There is currently an investigation going on now, and a Congressional Inquiry recently submitted on the matter to, to the U.S. Department of Justice Civil Rights Division 950 Pennsylvania Avenue, NW Disability Rights - NYAV Washington, D.C. 20530 Other fact finding will be conducted by Texas Attorney General's Office. Austin, Texas So I am please to see your ad on the decline of NationStar Mortgage. :?: :?: :D :x :twisted: :evil: IF you have more information like this article or you have had an experience with Nationstar Mortgage feel free to contact me at email@example.com or call 713-822-6322 Thanks CLASS ACTION NEEDED Mike (Houston, Tx) Permalink
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.